IBIT 比特幣 ETF 選擇權—您需要了解的信息

iShares 比特幣信託 ETF (IBIT) 是貝萊德的比特幣 ETF。它於 2024 年 1 月 5 日推出，自此以來一直受到歡迎和交易活躍。

Options began trading yesterday on IBIT and is already the most popular exchange traded bitcoin product

期權昨天在 IBIT 上開始交易，現已成為最受歡迎的交易所交易比特幣產品

The iShares Bitcoin Trust ETF (IBIT) is BlackRock's Bitcoin ETF. It was launched on Jan 5, 2024, and has been gaining popularity and trading activity ever since. The fund has already eclipsed 100 million shares traded twice this year, which puts it in the same boat as the S&P 500 ETF (SPY). IBIT has traded about 50 million shares on average over the last 30 days.

iShares 比特幣信託 ETF (IBIT) 是貝萊德的比特幣 ETF。它於 2024 年 1 月 5 日推出，自此以來一直受到歡迎和交易活躍。該基金今年兩筆交易的股票數量已超過 1 億股，與 S&P 500 ETF (SPY) 處於同一水平。過去 30 天，IBIT 平均交易量約為 5,000 萬股。

The fund holds over $44 billion in assets and is 100% weighted in bitcoin. This is important because a "clean" exposure to the movement of bitcoin ensures a few other factors move the price of the product. There hasn't been a clean ETP product that just holds Bitcoin 1:1 until now. The ProShares Trust Bitcoin ETF (BITO) offers a big dividend, and MicroStrategy (MSTR) has a leveraged Bitcoin exposure.

該基金持有超過 440 億美元的資產，100% 為比特幣。這很重要，因為「乾淨」地接觸比特幣的變動可以確保其他一些因素影響產品的價格。到目前為止，還沒有一種乾淨的 ETP 產品能夠以 1:1 的比例持有比特幣。 ProShares Trust 比特幣 ETF (BITO) 提供巨額股息，MicroStrategy (MSTR) 擁有槓桿比特幣曝險。

IBIT trades around $54 per share and seeks to track the percentage change performance of the spot-price of bitcoin. With a notional value of $5,400 for 100 shares of IBIT, this product is affordable in small to mid-sized accounts.

IBIT 的交易價格約為每股 54 美元，旨在追蹤比特幣現貨價格的百分比變化表現。 100 股 IBIT 的名義價值為 5,400 美元，該產品適合中小型帳戶。

IBIT reflects a similar high implied volatility when compared to bitcoin, with an average implied volatility of around 70% for each of the available options cycles. That means options will be relatively expensive, which is efficient for cost basis reduction on short options strategies. This can also benefit long options strategies if traders are directionally correct in a short period of time.

與比特幣相比，IBIT 反映了類似的高隱含波動率，每個可用選擇權週期的平均隱含波動率約為 70%。這意味著選擇權將相對昂貴，這對於降低空頭選擇權策略的成本基礎是有效的。如果交易者在短時間內方向正確，這也有利於多頭選擇權策略。

IBIT options—what you need to know

IBIT 選項—您需要了解的內容

Investors should be aware of several factors before trading IBIT options. Here are a few key points:

投資者在交易 IBIT 選擇權之前應了解幾個因素。以下是幾個關鍵點：

* IBIT ITM options expire to shares. This is not a cash-secured product, which means in-the-money (ITM) options held through expiration convert to shares of IBIT. If you don’t want shares in your portfolio, make sure to close or roll options positions before expiration.

* IBIT ITM 選擇權到期為股票。這不是現金擔保產品，這意味著透過到期轉換為 IBIT 股票而持有的實值 (ITM) 選擇權。如果您不想要投資組合中的股票，請確保在到期前平倉或展期選擇權部位。

* IBIT options have limited expirations for now. Because this is a new product, and expiration choices are tied to options activity, only six expirations are available to trade on IBIT. They are all regular monthly expirations, and more weekly or daily expiration cycles may open up as market makers get a feel for activity in the current active options chains.

* IBIT 選擇權目前有效期限有限。由於這是一種新產品，且到期選擇與選擇權活動相關，因此 IBIT 上只有六個到期可供交易。它們都是每月定期到期，隨著做市商了解當前活躍期權鏈的活動，可能會出現更多的每週或每日到期週期。

* IBIT options can have wide bid-ask spreads. This is a new product with limited activity, so the bid-ask spreads for options can be quite wide. That means traders disagree, and there is a larger difference in price between the bid where options are sold, and the ask where options are bought. You may need to be more patient getting filled on options strategies because of this.

* IBIT 選擇權可能有較大的買賣價差。這是一種活動有限的新產品，因此選擇權的買賣價差可能相當大。這意味著交易者意見不一致，並且出售選擇權的出價與購買選擇權的要價之間存在較大的價格差異。因此，您可能需要更加耐心地了解選擇策略。

In these environments, I typically like to stick with "round numbers" because that’s where most traders go (50,55,45 strikes, etc.). Be sure to check the open interest and volume columns on the tastytrade platform to see where traders and investors are gravitating in each expiration cycle.

在這些環境中，我通常喜歡堅持使用“整數”，因為這是大多數交易者選擇的（50、55、45 次行使價等）。請務必檢查美味交易平台上的未平倉合約和交易量欄，以了解交易者和投資者在每個到期週期中的吸引力。

It's an exciting time for the world of cryptocurrencies, with a lot of flexibility around what we can do to gain exposure to the bitcoin world these days. Ideally, we see products like IBIT generate a large options pool with many different expirations and strike choices for pure flexibility for speculating and hedging options positions. It's a great step forward for crypto popularity any way you slice it!

對於加密貨幣世界來說，這是一個令人興奮的時刻，我們現在可以採取很大的彈性來接觸比特幣世界。理想情況下，我們看到像 IBIT 這樣的產品會產生一個具有許多不同到期日和罷工選擇的大型期權池，為投機和對沖期權頭寸提供純粹的靈活性。無論如何，這都是加密貨幣普及的一大進步！

Join us on Options Trading Concepts Live each day as we manage our IBIT options positions and seek out new trades in other products as well!

加入我們的選擇交易概念直播，每天我們管理我們的 IBIT 選擇權部位並尋找其他產品的新交易！

Mike Butler, tastylive director of market intelligence, has been in the markets and trading for a decade. He appears on Options Trading Concepts Live, airing Monday-Friday. @tradermikeyb

麥克巴特勒 (Mike Butler) 是 tastylive 市場情報總監，從事市場和交易已有十年。他出現在周一至週五播出的《Options Trading Concepts Live》節目中。 @tradermikeyb

For live daily programming, market news and commentary, visit tastylive or the YouTube channels tastylive (for options traders), and tastyliveTrending for stocks, futures, forex & macro.

如需每日直播節目、市場新聞和評論，請造訪 tastylive 或 YouTube 頻道 tastylive（針對選擇權交易者）以及股票、期貨、外匯和宏觀經濟的 tatyliveTrending。

Trade with a better broker, open a tastytrade account today. tastylive, Inc. and tastytrade, Inc. are separate but affiliated companies.

與更好的經紀商進行交易，立即開設一個美味的交易帳戶。 tastylive, Inc. 和 tastytrade, Inc. 是獨立但相關的公司。